The Architectural Journal (AJ) examines the effects of the recent slowdown in Saudi Arabia’s previously relentless, high-budget development projects.
Just 18 months ago, the AJ questioned whether professionals should pursue work in Saudi Arabia. Back then, almost every major UK architecture firm was either establishing a presence in the kingdom or engaged deeply in planning large-scale masterplans. However, a few firms were already choosing to avoid commissions in the region.
Last month, Chancellor Rachel Reeves visited Riyadh to promote UK business opportunities, continuing the efforts of previous Conservative governments to strengthen economic ties with Saudi Arabia.
Falling oil prices and rapid spending on massive projects have led to delays and cutbacks. Developments like Neom’s numerous regions are slowing down, with several projects being scaled back or having their deadlines adjusted. Financial and strategic assessments are currently underway for many initiatives.
"The Glory Days are Over." — Financial Times headline on the decline in consultant hires in Saudi Arabia.
The Financial Times highlighted the slowdown, attributing it to stalled mega projects in the country.
Saudi Arabia’s booming architectural sector is facing a slowdown due to economic and strategic reassessments, marking a shift from the rapid expansion experienced just over a year ago.